Solar PV prices hit a new “all-time low” in the US in 2015, a new report has revealed, with some residential systems installed for as little as $3.30/W, and the cheapest utility-scale PV coming in below $1.60/W, while four out of five regions had PPA prices of less that $50/MWh.

The solar PV cost reduction spiral reached its lowest point yet at an auction in Chile last week where Spanish developer Solarpack Tecnologica won contracts to sell power from a solar plant high in the Andes for $29.10/MWh. The 120MW plant to be built in Chile’s sunny Atacama desert surpassed the previous record-low for solar PV brokered in Dubai in May, and was priced at almost half the cost of coal power in the same event.